Instec, a company offering policy administration applications, has released its rating-in-the-cloud service, Cirrus.
Cirrus combines advisory prospective loss costs from ISO, a Verisk Analytics business; NCCI; and state-based bureaus with the ability for companies to custom configure rating to fit their unique filings. The application is designed for companies requiring immediate quote capabilities.
Benefits of Cirrus include cloud-based rating, all states, all lines, for admitted or non-admitted business; endorsements, renewals and policy re-writes; adaptive communication to policy administration systems; advisory rates, loss costs, rules and forms from ISO, NCCI and state-based bureaus; self-service configuration; and a customizable forms engine that will feed policy administration systems. Using Cirrus as a standalone rating engine allows companies to regain and retain the ability to quote new business, without impact to current IT projects.
“Cirrus provides insurers with an accelerated path forward to seize upon new business opportunities,” said Karen Furtado, partner, Strategy Meets Action. “What makes Cirrus so unique is the vast repository of bureau-based rates, rules, and forms that powers the cloud-based rating engine, covering all 50 states and 10 lines of business. For companies that might be in the middle of a larger policy administration system implementation or for those spinning up new, yet-to-be-proven products, Cirrus provides an accessible, scalable option to enter new markets and begin quoting new business immediately, without impact to current IT projects.”
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